Core Insights - The digital economy is becoming a new bond for the Global South, with BRICS cooperation evolving into an important platform for communication and collaboration in technology and the internet sectors [1][4] - Kuaishou, a Chinese tech company, has successfully integrated "short video + live streaming" into society, achieving significant metrics such as a trillion GMV, hundred billion revenue, and seven hundred million monthly active users [1] - Kuaishou's overseas version, Kwai, has become the sixth largest mobile app in Brazil, with over 60 million monthly active users and has invested over 7 billion reais in the local market [2] Company Developments - Kuaishou has helped nearly 1 million local creators in Brazil earn income through its platform, showcasing the integration of digital content with physical commerce [2] - The launch of Kuaishou's Keling AI, a video generation model, has reached over 22 million global users, generating 168 million videos and 344 million images, and providing AI content capabilities to over 15,000 developers and enterprises [2][3] - Kuaishou's partnership with Chinese brands like OPPO and TCL Mobile has facilitated their entry into the Brazilian market, enhancing brand storytelling and achieving recognition in global marketing awards [5] Industry Impact - The establishment of the China-BRICs AI Development and Cooperation Center in Brazil signifies Kuaishou's commitment to fostering technological exchange and collaboration [3] - Kuaishou's platform is lowering content production barriers and improving business efficiency for Brazilian creators and merchants [3] - The ongoing collaboration between Kuaishou and various stakeholders is seen as a pathway for technological co-construction and mutual benefits among Global South countries [5]

Group 1 - The Nasdaq China Golden Dragon Index rose by 1.23%, indicating a positive performance for Chinese assets overnight [1] - Hong Kong stocks continued to rise, with the Hang Seng Index and Hang Seng Tech Index both opening over 1% higher, led by tech giants such as Kuaishou and Bilibili, which rose over 3% [1] - The Hong Kong Internet ETF (513770) saw an increase of 1.7%, reflecting strong investor interest in internet stocks [1] Group 2 - Tianfeng Securities noted that Hong Kong stocks are currently at historical low valuations, with a rebound in foreign investment interest expected due to easing global liquidity and domestic growth policies [2] - Galaxy Securities projected an upward trend for the Hong Kong market, emphasizing the structural nature of the rally and the high investment opportunities in the tech sector [2] - The Hong Kong Internet ETF (513770) has attracted a total net inflow of 1.042 billion yuan over the past 10 trading days, indicating strong capital inflow into the sector [2] Group 3 - The Hong Kong Internet ETF (513770) and its linked funds heavily invest in the "ATM" trio (Alibaba, Tencent, Xiaomi), with a combined weight of 61.06%, making it a key tool for AI investments in Hong Kong [4] - Since the start of the current market rally until the end of June, the CSI Hong Kong Internet Index has seen a cumulative increase of over 28%, outperforming both the Hang Seng Index and the Hang Seng Tech Index [4] - The average daily trading volume of the Hong Kong Internet ETF (513770) for the year is 594 million yuan, highlighting its liquidity and appeal for investors [5] Group 4 - The CSI Hong Kong Internet Index has shown significant annual performance fluctuations, with a peak increase of 109.31% in 2020 and a decline of 36.61% in 2021, indicating volatility in the sector [6] - The index's performance over the past five years reflects a mixed trend, with a notable recovery of 23.04% in 2024, suggesting potential for future growth [6]

Summary of Conference Call Company and Industry - The conference call pertains to Kuaishou Technology, a leading short video and live streaming platform in China, focusing on its financial performance and strategic initiatives in the first quarter of 2025. Key Points and Arguments 1. **Financial Performance** - Total revenue for Q1 2025 reached RMB 32.6 billion, a year-on-year increase of 10.9% - Adjusted net profit was RMB 4.6 billion, with an adjusted net profit margin of 14% [15][18][42] - Online marketing service revenue was RMB 18 billion, up 8% from RMB 16.7 billion in the same period last year [16][31] 2. **User Engagement and Growth** - Average daily active users (DAUs) for the Kuaishou app reached 408 million, marking a historical high [2][5] - User engagement metrics showed an average daily usage time of 133.8 minutes, with total user time increasing by 5.9% year-on-year [5][6] 3. **AI Technology Integration** - Kuaishou is advancing AI technology to enhance user experience and operational efficiency, with the launch of the Kuaishou AI 2.0 video generation model [3][20] - AI has been integrated into various business functions, including content understanding, marketing material generation, and customer service, significantly improving conversion rates [25][26][29] 4. **E-commerce Growth** - E-commerce Gross Merchandise Value (GMV) grew by 15.4% to RMB 332.3 billion, with monthly active buyers reaching 135 million [8][10] - The platform is focusing on enhancing the shopping experience through better content collaboration and resource allocation for merchants [8][40] 5. **Marketing and Advertising Trends** - The content consumption industry, particularly short dramas and mini-games, has seen significant advertising growth, with short drama ad consumption increasing over 300% year-on-year [32][34] - Local life services are also experiencing high demand, with over 700 million users seeking local services, leading to increased advertising consumption in this sector [34] 6. **Cost Management and Profitability** - Sales costs increased by 11.5% to RMB 14.8 billion, primarily due to revenue-sharing costs and related taxes [17] - The company maintains a strong balance sheet with cash and cash equivalents totaling RMB 94 billion as of March 31, 2025 [18] 7. **Future Outlook and Strategies** - Kuaishou plans to continue leveraging AI capabilities to drive growth in online marketing and e-commerce, with a focus on enhancing user engagement and operational efficiency [41][42] - The company is optimistic about maintaining a strong revenue growth trajectory and improving profitability through strategic investments in AI and technology [42][43] Other Important but Possibly Overlooked Content - The company emphasized the importance of user experience and content quality in driving engagement and retention [15][41] - Kuaishou's strategic partnerships, such as with NBA China, are aimed at enhancing content offerings and user interaction [6] - The management highlighted the significance of seasonal events, like the Spring Festival, in driving user growth and brand marketing [5][34]

Core Viewpoint - Zhengzhou Mingyang Window Decoration Technology Co., Ltd. (Mingyang Technology) is progressing with its IPO guidance on the Beijing Stock Exchange, focusing on the development, production, and sales of functional building interior shading products [2] Company Overview - Mingyang Technology was established in 2001 with a registered capital of 53.91 million yuan, specializing in products such as rainbow curtains, roller blinds, pleated curtains, and honeycomb shades [2] - The actual controllers of the company are Zhang Nianqing and Han Ling, who collectively control 95.71% of the voting rights [2] Management Team - Zhang Nianqing, aged 62, has a background in mining and has held various positions in the company since its inception [3] - Han Ling, aged 58, has a teaching background and has been involved in the company since 2002, currently serving as the Executive Vice President [3] - Their son, Zhang Han, serves as the Deputy General Manager and has experience in overseas business operations [3] Financial Performance - The company's revenue and net profit from 2022 to 2024 are as follows: - 2022: Revenue of 278 million yuan, Net profit of 22.34 million yuan - 2023: Revenue of 347 million yuan, Net profit of 34.45 million yuan - 2024: Revenue of 293 million yuan, Net profit of 16.84 million yuan [3][4] - Revenue decreased by 15.6% in 2024 compared to 2023, while net profit saw a significant decline of 51.11% [4] - Over 90% of the company's main business income comes from overseas sales, primarily through online B2C platforms like Amazon, eBay, and Shopify [4] Market Challenges - Sales to the Russia-Ukraine region were around 10 million yuan in 2020 and 2021, but significantly decreased in 2022 [4]

Core Viewpoint - Kuaishou (01024) has shown significant stock performance with a daily increase of 3.33%, closing at HKD 65.25, driven by new breakthroughs in short video advertising and enhanced user engagement in live e-commerce [1] Stock Performance - Kuaishou's trading volume reached HKD 1.744 billion, indicating strong market interest [1] - The stock has broken through its recent trading range, with a short-term momentum described as strong [1] - The stock's support levels are at HKD 61.5 and HKD 59.2, while resistance levels are at HKD 67 and HKD 70.6 [1] Technical Analysis - Technical indicators suggest a "strong buy" signal with a strength of 16, reflecting an optimistic medium to long-term outlook [1] - The RSI indicator is at 62, indicating a significant short-term increase but not yet in the overbought territory [1] - The system evaluation shows a 54% probability of Kuaishou's price increase, with a recent volatility of 7.6% over the past five days [1] Related Products Performance - On July 10, 2025, Kuaishou's stock rose by 1.24%, leading to significant gains in related products such as the Guojun call warrant (25903) with an 11% increase, and HSBC bull certificate (54506) with an 8% increase [3] Warrant and Bull/Bear Certificates - For investors optimistic about Kuaishou's upward movement, UBS call warrants (25723) and Morley call warrants (25717) both have a leverage of 7.5 times with a strike price of HKD 72.05 [5] - HSBC bull certificate (54506) offers the highest actual leverage at 6.2 times with a redemption price of HKD 58, while UBS bull certificate (54448) has a leverage of 6.5 times with a redemption price of HKD 58.5 [6] - For bearish investors, UBS bear certificate (54841) has a leverage of 9.2 times with a redemption price of HKD 70, and Societe Generale bear certificate (53057) has the lowest premium with a leverage of 9.9 times [6]

Core Concept - The article discusses the launch of the "百道芝味" (Bai Dao Zhi Wei) campaign by the cheese brand Milkana, aimed at integrating cheese slices into Chinese home cooking, thereby expanding its market presence and consumer engagement [1][12]. Group 1: Campaign Overview - The "百道芝味" campaign is a five-month initiative that seeks to explore the versatility of cheese slices in everyday meals, aiming to make them a staple ingredient in Chinese kitchens [1][8]. - The campaign features collaboration with Michelin-star chefs and local culinary experts to create innovative quick recipes that incorporate cheese slices into traditional Chinese dishes [1][3][12]. Group 2: Culinary Innovation - The initiative includes the creation of 100 quick recipes that will be shared on social media platforms, encouraging participation from food enthusiasts and influencers [4][12]. - The campaign emphasizes the fusion of Western cheese with traditional Chinese flavors, aiming to break the stereotype that cheese is only suitable for Western cuisine [7][9]. Group 3: Product Development - Milkana plans to launch specially packaged new products that clarify the versatility of cheese slices for various cooking methods, such as stir-frying and baking [5][12]. - The brand aims to cater to a wide age range, from children to adults, by expanding its product offerings to include cheese slices suitable for family meals [12]. Group 4: Market Strategy - The campaign aligns with the growing trend of integrating Western ingredients into Chinese cooking, responding to consumer demands for convenience and nutrition [8][12]. - Milkana is focusing on expanding its reach into lower-tier cities, recognizing the potential for cheese consumption growth in these markets [12][13]. Group 5: Long-term Vision - The "百道芝味" initiative is positioned as a long-term project, inviting consumers to explore new culinary possibilities with cheese, thereby fostering a deeper connection between the brand and its customers [13]. - The brand intends to continuously update its recipe offerings and engage with a broader audience, leveraging its parent company's expertise in cheese production [13].

1、恆指：24000左右是主力底線支撐，企穩24200上望24600。投資者留意行使價24600的認購證，也有留意牛證，收回價24000點。也有投資者反手熊，收回 價24268點。 Simon:熊證的收回價選擇比較貼近，目前指數買賣信號為"買入"，短期看好一些。數據系統分析的阻力位24487點和第二阻力位24700點，投資者選擇收回價 24268點的產品十分危險，有機會即刻收回的風險。選擇上需要謹慎一些。認購證和認沽證還好一些，沒有被收回的風險。參考技術分析來選擇，會比較安 全一些。 2、快手-W (01024.HK)：再跌不落64，可繼續再上70。窩輪市場上，有投資在上周獲利離場Put Simon:信號總結為"強力買入"。當前阻力位67元和70.6元，第二阻力位接近投資者的看法。不過首先突破第一阻力位才能挑戰第二高位。 | 信號總結 | 賣出信號 中立信號 買入信號 | | --- | --- | | 強力買入 | 16 | 3、蔚來-SW (09866.HK)：投資者認為等待空頭平倉，短期肯定還有一波暴力拉升，能否挑戰40元？ | | | Simon:上周五跳升上去，今天延續升勢。信號總結為"強力買入"。 ...

Market Performance - Kuaishou concept stocks declined by 1.60%, ranking among the top losers in the concept sector, with stocks like Yuanlong Yatu and Huamei Holdings hitting the daily limit down [1] - The concept sector saw a net outflow of 930 million yuan, with 34 stocks experiencing net outflows, and 9 stocks seeing outflows exceeding 50 million yuan [2] Key Stocks - The largest net outflow was from Huamei Holdings, with a net outflow of 206 million yuan, followed by Jiuqi Software and Zhongwen Online with net outflows of 140 million yuan and 131 million yuan respectively [2] - Stocks with significant gains included Meiri Interactive, which rose by 4.24%, and Aofei Data, which increased by 3.37% [4] Trading Activity - The trading volume for Huamei Holdings was 27.69%, with a price drop of 10.00%, indicating high volatility [3] - Other notable stocks with significant trading activity included Jiuqi Software and Zhongwen Online, with trading volumes of 21.40% and 7.61% respectively [3]

7月12日下午消息，周杰伦快手账号的签名目前已作更改，仅保留"周杰伦首个中文社交媒体"，删除 了"全网唯一，只在快手"。7月9日，周杰伦正式入驻抖音平台，名称"周同學"，认证身份为歌手。（证 券时报） ...

Core Viewpoint - Recent reports indicate a rise in online shopping scams where fraudsters exploit after-sales service as a means to lure victims into financial traps [1][2][3] Group 1: Scam Techniques - Fraudsters intentionally send incorrect or low-quality products to customers, prompting them to contact customer service, which leads to a scam under the guise of after-sales compensation [1][2] - Victims are often directed to scan QR codes or add customer service representatives on private messaging platforms, allowing scammers to evade platform oversight [2][3] - Scammers use various tactics, including promising refunds, additional compensation for positive reviews, and investment opportunities, to manipulate victims into transferring money [2][3] Group 2: Victim Experiences - One victim, Mr. Li, was lured into a scam after receiving the wrong product and was promised compensation through a series of tasks, ultimately losing tens of thousands of yuan [1] - Another victim, Ms. Wang, was convinced to invest in a fraudulent scheme after being promised high returns, resulting in a loss of 50,000 yuan [2] - A third victim, Ms. Zhang, faced threats of legal action and family repercussions, which pressured her into transferring a significant amount of money to the scammers [3] Group 3: Law Enforcement Response - Beijing police have identified a surge in fraudulent online shops across various platforms, with a wide range of products being sold [3] - Authorities emphasize that legitimate businesses will never require customers to transfer money or perform tasks for after-sales service [3][4] - Police urge social media and e-commerce platforms to enhance monitoring and provide clear warnings to consumers about potential scams [4]